Below you will find an explanation of all the statuses of a Wise futures contract. The status tells you the progress in managing a futures contract.
Status | Explanation | Set |
Planned | Futures contract is created from an unposted document” (delivery agreement, sales order, sales invoice, purchase order og purchase invoice).
| Automatic on creation. |
Sent | The futures contract has been sent to the bank. | Automatically when e-mail is sent to the bank. Can be set manually. |
Approved | The futures contract has been returned from the bank with the necessary information on, among other things, currency rate, contract number etc. | Set manually. When the futures contract changes to this status, the bank's information is read-only. |
Activated
| Futures contract created/updated from a posted invoice. | Automatically when creating. Upon update, the status is automatically set to "Activated" provided it was "Planned". Can be set manually.
|
Finished | The assigned invoice has been fully settled with a payment in/out. | Automatically when recording payment when the amount is fully settled. Can be set manually.
|
Canceled | The futures contract has been canceled. Futures contracts cannot be deleted (in order to track all changes made to futures contracts) therefore a status is needed that states that the contract should no longer be used.
| Set manually. Cannot be reversed! |
The user can change the status back and forth apart from “Canceled”.